Backed by a £50m contribution from the British Business Bank, the new fund will support science, engineering and healthcare startups
From increasing global VC investment in the healthtech sector to the NHS launching its own accelerator, entrepreneurs in the medical field certainly have reason to feel bullish about the future. And now Longwall Ventures, the VC firm, is creating even more opportunities for UK founders to thrive: the company just launched a new £75m fund to support British startups working in science, engineering and healthcare.
However, Longwall Ventures won’t be going it alone: the British Business Bank has backed the fund with a £50m contribution. This financial injection is a part of its Enterprise Capital Fund programme, which aims to lower the barriers for entry for British early-stage and high-growth companies, and is the bank’s 25th investment through the scheme.
Commenting on the new fund, Matthew Frohn, partner at Longwall Ventures, said: “The enterprise capital fund programme has a proven track record in attracting new investors to this crucial sector for the UK economy and we thank British Business Bank and all our investors for their continued support. The UK has a strong tradition of innovation in science and engineering and we hope to partner with founders and entrepreneurs to ensure their businesses reach their full commercial potential.”
Bringing its prior experience of backing and supporting pharmaceutical and diagnostic startups, it’s safe to say that Longwall Ventures’ help can ensure British healthcare businesses remain in rude health.